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NCI Building Systems

(NCS) - Get Cornerstone Building Brands Inc Report

shares rallied sharply higher Friday on above-average volume after the company said it has made progress toward the completion of a comprehensive refinancing.

NCI Building said the refinancing includes a $250 million equity investment by a fund managed by Clayton, Dubilier & Rice. "Once effective, the refinancing will significantly reduce debt and provide substantial flexibility in the current economic downturn, as well as the resources to support future growth," the company said in a release.

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The company also said it has worked with its lenders to finalize the form of agreement for a $125 million asset-based revolving credit facility with an additional $50 million accordion feature.

NCI Building shares were jumping by 42 cents, or 15.1%, to $3.20 immediately following the refinancing news. More than 2.3 million shares changed hands by 3:30 p.m. EDT Friday, compared to the stock's three-month average daily volume of 1.5 million, according to Yahoo! Finance.

Scientific Learning has a 19.3 million-share float with a massive short interest float of 54.1% as of Sept. 10, according to Yahoo! Finance. Less than 2% of the company's shares are held by insiders with a whopping 88% owned by institutions.

Read more about today's high-volume stocks like Scientific Learning in earlier "Pump Up the Volume" posts


-- Written by Robert Holmes in New York